FIRSTPORT LIMITED

Company number: 04352396

Reporting period:
1 January 2021 to 30 June 2021

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This report was filed on 12 July 2021

and approved by Ouda Saleh

Payment statistics

Average time taken to pay invoices: 85 days

Invoices paid:

• within 30 days: 7%
• in 31 to 60 days: 43%
• in 61 days or more: 50%

Invoices due but not paid within agreed terms: 50%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

We operate standard payment terms of 30 days with small to medium enterprises and 60 days with large enterprises. Other payment terms have been agreed for bespoke contracts.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

N/A

Any other information about payment terms

This is FirstPort Ltd’s first report and during the period of this report we have been receiving some invoices from suppliers later than usual and well after the due date. This will naturally resolve itself over the coming months.

Dispute resolution process

If a dispute arises between the parties, the parties will attempt, in good faith, to reach settlement as soon as possible between the FirstPort Contact and the Supplier Contact (who shall be authorised to settle such a dispute). This dispute resolution procedure will be followed prior to commencing any legal proceedings.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

Yes

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No